Following the previously announced acquisition agreement signed in December 2006, Sikorsky acquired a 100 percent stake in the company, which is based in the city of Mielec. The company currently has approximately 1,500 highly skilled employees. PZL Mielec previously was wholly owned by the Industrial Development Agency (known by the Polish acronym ARP), a government holding company under the Ministry of Treasury. PZL Mielec has been Poland's largest fixed wing aircraft manufacturer.
"This is a major step toward establishing the foundation for our European operations," said Jeffrey Pino, Sikorsky's president. "Mielec will be a key component of Sikorsky's long-range global strategy to meet worldwide demand for its products and services. This acquisition draws upon Poland's great aerospace heritage and expertise and unites two pioneering aerospace companies into an even stronger world-class aircraft manufacturer and service provider."
With the closing of the acquisition, the 1.2 million square foot facility will undergo modernization to support International BLACK HAWK helicopter production while continuing the current capability for aircraft design, manufacture, flight test and delivery. Modifications are slated to begin in April 2007.
In 2006, Sikorsky announced plans to develop an International BLACK HAWK helicopter variant for global customers that would be manufactured using a global supply chain.
Sikorsky's parent company, UTC, through its subsidiaries, currently employs more than 7,000 people in Poland in the aerospace and building systems industries.
Sikorsky Aircraft Corp. is a world leader in helicopter design, manufacturing and service. United Technologies Corp., of Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.
This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices or in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corporation's Securities and Exchange Commission filings.